What is a bonus bet and how does it work?

A bonus bet is a credit offered by a bookmaker that lets you place a bet without risking your own money. If the bet wins, you keep the profit. If it loses, you lose nothing because it was the bookmaker's money, not yours.

On their own, bonus bets are not guaranteed profit. The bet can still lose. Matched betting solves this by using Betfair or another bookie to cover the opposite outcome, so you make money regardless of the result.

Here is a simple example. A bookmaker gives you a $50 bonus bet. You use it to back a selection at the bookmaker, then lay the same selection on Betfair to lock-in a guaranteed profit. After both bets are settled, you are left with around $35, which is roughly 70% of the face value of the bonus bet.

The conversion rate varies depending on the odds available at the time. As a general guide, beginners can expect to extract around 70% of the value of each bonus bet. With a bit of experience and the help of our software, 80% or more is achievable.

Work through enough of these and the profits add up quickly.